Understanding Small Business Taxes Part 3

This is part 3 of the 4-part series about Small Business Taxes. 

You can register for Part 4 using the following links.

Part 4 https://calendar.libraryweb.org/event/12731558 

Lesson 5: Federal taxes when hiring employees or independent contractors

• Discuss your responsibilities as an employer or as one who pays others for services
• Determine whether the service providers are employees or independent contractors
• Employer Responsibilities
• Withhold income taxes
• Withhold and pay Social Security and Medicare taxes
• Withhold additional Medicare taxes
• May have to pay unemployment tax
• Employee or independent contractor
• Eligibility to work in U.S.
• W-4 and withholding
• Verification of work names/SSNs
• Filing W-2
• Earned Income Tax Credit
• Individual Taxpayer Identification Numbers
• Filing Information Returns Electronical (FIRE)

Lesson 6: Managing payroll to withhold the correct amount of taxes

• Identify wages subject to employment taxes
• Calculate payroll taxes
• Federal unemployment taxes (FUTA)
• Employment tax rules
• Discuss what exactly are wages
• Discuss what counts as wages

If you have any questions or require registration assistance, call 428-8194 or email business.insight@libraryweb.org.

PLEASE NOTE: Once registered, the Zoom link will be emailed to you from Business.Insight the day before the event. This series is in an online only format.